Persona 4 Arena

Successfully complete the game to unlock Teddie and Kanji's story.
Successfully complete the game twice to unlock Naoto, Mitsuru, Akihiko, and Aigis' story.
Successfully complete the game three times to unlock Labrys' story.

Elizabeth's story: Get a True Ending from original four characters and a true ending from a Persona 3 character.
Kanji and Teddie's stories: Reach the cliffhanger of the original four characters.
Labrys' story: Reach the cliffhanger for Naoto, Mitsuru, Akihiko, or Aigis
Naoto, Mitsuru, Akihiko, and Aigis' stories: Reach the cliffhanger on Kanji or Teddie.